Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1887-01-18

Senator Stanford Says None of them
Have Been Improper.
WASHINGTON, January 17th.-The state
| ments of the New York World regarding
| the accounts of the Central Pacific Rail-
| road Company, are generally remarked
here as part of stock :jobbing arrangement
to affect the values of the securities of the
Pacific roads, and to prevent the passage of
the funding bill. Very little that has not
heretofore been published in the reports of
Commissioners and otherwise, has been de-
veloped.
Senator Stanford, in a conversation to-
night, said that during his connection with
the railroad he had expended very large
sums of money-several millions of dol
lars be believed. What he had spent the
money for he could not in every case re-
member, but vouchers therefor were in
existence and would show the facts. lie
hadmade no improper expenditures, and
his accounts had been invariably submitted
to the stockholders and Directors, and they
had approved every dollar that he had dis
bursed. All disbursements had been for
the benefit of the interests conhded to his
care. The railroad accounts had been in
spected repeatedly by officers of the Gov
ernment, and their statements and reports
were public property. The fact that French
offered 10 sell his story to Huntington and
Charles Francis Adams prior to its publi
cation in the World, savors somewhat of
blackmail.
A POWERFUL LETTER FROM PRESIDENT ADAMS
OF THE UNION PACIFIC.
Boston, January 17th.-President Ad-
ans, of the Union Pacific Railway Com
pany, has addressed letter to the Chair
man of the House Committee on Pacific
Railroads, of which the following is a copy:
Bosom Mass }. January II. 1887.
Hon j. ". ThrOckm0rt5n, Chairman Of the Com
nittee on Pacific Railroads, Unded States House II
Represe7ttdtiyes, Washington. ID. Ode R SIR
| see by the papers that the House Of Representa-
| tiyes is now considering the expediency of an
| investigation into the past history and money
transactions of the Pacific railroads, i'll the pre-
| liminary and final adjustment: of the financial
| relations between these companies and the
Government. 1t has also been asserted that
| the companies viii strive to avoid such an
| investigation. l do not want the position
| of the Union Pacific upon this point to be mis-
| understood. While, as amatter of business eX-
| pediency, the company is most anxious to reach
u final settlement with the Government, it does
not dread any investigation of its affairs which
| may be ordered. 1t viii do nothing to prevent
or avert one. During the last iifteen years the
| Union Pacific Railway Company has been more
| frequently and thoroughly Investigated than
any other business corporation on earth. Com
mttees OF Congress have reported on it; the
Secretary of the Interior and Railroad Commits
sioners have investigated its accounts; a sue
cession of Boards of Government Directors
have taken part in its management and scru-
tinized its every act: its books and records have
been analyzed by the Department OF Justice
and the Court of Claims. So far as ! have
been able to discover there is nothing
connected with its affairs or its
| history which Congress and the country does
| not know. or cannot learn from the printed
record. If under these circum stances, further
| investigation is deemed necessary, the present
| management will facilita that investigation
| by all the means in Its power. Those connected
| with ii only ask that any investigation may be
trusted to men of characteristic standing and
| intelligence. to the end that it may put a stop
| forever to these vague ard scandalous asser-
| tions which DOW made the preteXt for fur
ther delays. affording infinite possibilities for
| stock manipulation. The interest tf thousands
| of persons and whole regions of country thus
| become the football of any Schemer or gambler
| who has access TO the columns of some journal
willing to increase its circulation by
| setting forth scandals OF ancient history
| as new and startling disclosures. What the
| does object to is that delay which will
keep il and its securities in position to be band
| ed TO an fro between Wall street and Washing
| ton, the prey of intrig1es and spectators. The
| Government of the United States is by far the
| largest creditor. and the Union Pacific, which
| as debtor is at once willing and able to pay in
full, il dealt with on re cosnized business princi
pies thinks it not unfair to ask its principal cred
itor not to let itself be used by competitors and
| stock k-jobters as an instrument with which to
| injure the business resources and impair the
| credit of the debtor from whom the payment of
the last penny is still to be exacted. ] respect
fully, but cOufider tly, submit that to allow itself
| TO be so used is neither justice, nor business,
| nor fair play. have the honor to be,
CnAs. +. ADAMS, President.